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The UK's Debt.............>

UK T-BILL AUCTION PREVIEW
UK T-BILL AUCTION PREVIEW: The UK's Debt Management Office (DMO) re-open 1-month
Jan 22, 2018 T-bill for Stg1.0bln, re-open 3-month Mar 26, 2018 T-bill for
Stg1.0bln and issue a new 6-month Jun 25, 2018 T-bill for Stg1.5bln Friday. 
- BACKGROUND: T-bill issuance drops to Stg3.5bln this week, and combined with
higher demand due to Christmas and month/quarter/year-end, yields are likely to
fall.
- REDEMPTION: There is a T-bill redemption of Stg3bln on Wednesday, leaving net
cash flow positive to the tune of E0.5bln, which is seen weighing on demand.
- HISTORY: For comparison, at the last UK T-bill auction on Dec 1, the DMO sold
Stg2.0bln 1-month T-bill at average yield 0.061% cover 2.64 times, Stg1.0bln
3-month at average yield 0.291% cover 3.68 times, and Stg2.0bln 6-month at
average yield 0.425% cover 1.91 times. 
- TIMING: Results are due to be announced at around 1105GMT.

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